Rupee turns flat at 83.73 against US dollar amid high crude oil prices

Quick Summary:

According to forex traders, the Indian currency found support due to softening dollar against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities.

Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks".

The rupee turned flat at 83.73 against the US currency on Friday amid weak equity markets and an upward movement in crude oil prices overseas.

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Category: BusinessFinance

Markets: India

Topics: Rupee US Dollar Crude oil prices Dollar Oil prices Indian Rupee

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-02 @ 10:12:39 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 447 words

Reading Time: 3 minutes read

Sentences: 18 lines

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Copyright Owner: © Business Standard

News ID: 21894366

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